Newsletter | September-October 2023

\ SEPTEMBER-OCTOBER 2023

Excellence in Cooperative Government =

Long-Term Business Success

In this edition of the Fast Forward newsletter, explore the dynamic relationship between "Excellence in Cooperative Governance" and the foundation of "Long-Term Business Success." In the ever-evolving landscape of modern business, excellence in governance has emerged as an indispensable key to achieving enduring success. This newsletter showcases how exceptional governance practices today are the drivers of tomorrow's sustainable business growth.

Governance Excellence Delivers Business Success

With ultimate responsibility for setting a cooperative’s strategy and overseeing management’s execution of the business plan, the board of directors plays an essential role in their organization’s direction and success, with a direct correlation between board excellence and business performance.

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Forward Thinking Podcast episode 48 with Maureen Breeze

Social and Emotional Intelligence in the Workplace

Emotional intelligence (EQ) has been identified by 85% of employers as even more valuable than IQ, but it is often seen as something that you either have or don’t have. New science shows that it is possible to increase emotional intelligence with training and practice, which can benefit relationships both in and outside of the workplace.

Listen to Podcast Episode #48.

Cooperative boards of directors play an essential leadership role that carries significant responsibility. Passkey Partner OnBoard helps boards complete their formal duties more efficiently so they have more time to focus on strategic issues and effectively guiding their organization.

Farm Credit of New Mexico Board Pursues Merger

A courageous Board of Directors does its job by committing to an honest assessment of the cooperative’s challenges, strengths and needs, and taking the best business path forward for the cooperative – regardless of that path’s popularity.

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Achieving Board Excellence

Exceptional governance is a critical objective for any cooperative board as directors strive to bring value to their organization and the members who elected them. Achieving board excellence is an ongoing process rather than an event, and is achievable with a commitment to consistently carrying out the role of the board and focusing on delivering meaningful guidance and value to support the long-term viability of the organization.

RISK MANAGEMENT CORNER

Forward-Thinking Governance Leads Captive to Independence

By any measure, the Farm Credit Captive Insurance Company is a success: savings of more than $37 million a year over what member organizations would pay in commercial insurance marketplace; a minimal 2.2% increase for the System’s 2023 coverage renewals; an enviable 52% 20-year loss ratio; and annual patronage payments totaling $143 million, or 38%, of the total premiums paid since the Captive’s inception in 1988.

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